Investor · Dyersburg, TN · Member since 2015 · 320 posts · 100 votes
So i bought this home as a foreclosure, termites, rot, holes in the roof...I bought it for 3500! I actually fell through the floor in the bathroom during the final walk through before closing. I put 25000 into the rehab of this home and replaced most of the floor joists in the kitchen and bathroom as well as sub floors and floor coverings. I just wanted to share my handy work! Time frame was 6 weeks mostly because I only had 1 helper on the job until I pulled my property managers team in also to finish up. Its on the market now to be rented and hoping to get 600 a month. I financed it with a local bank and pulled 23k back out and it should net me 190 a month. Just wanted to share!
Investor · Edwardsville, IL · Member since 2015 · 432 posts · 481 votes
11y
Looks great! The neighbors should be impressed. I did a rehab a year ago that I took the inside down to bare studs and built it up. It went from the worst house on the block to one of the nicest! I actually heard the neighbors talking about the rehab while I was on my hands and knees finishing the landscaping. "It's pretty bad when the rental house is looking better than our houses". The neighbors actually did some improvements after that.
Investor · Edwardsville, IL · Member since 2015 · 432 posts · 481 votes
11y
Looks great! The neighbors should be impressed. I did a rehab a year ago that I took the inside down to bare studs and built it up. It went from the worst house on the block to one of the nicest! I actually heard the neighbors talking about the rehab while I was on my hands and knees finishing the landscaping. "It's pretty bad when the rental house is looking better than our houses". The neighbors actually did some improvements after that.
Rental Property Investor · Gainesville, FL · Member since 2015 · 1k+ posts · 432 votes
11y
Way to go @Kyle Penland the house looks great. I see you went with white cabinets, is there no concern on the tenants over the years and use - white seems to pick up the scars and scrapes. Love the neutral tone throughout.
Investor · Dyersburg, TN · Member since 2015 · 320 posts · 100 votes
11y
Thanks so much for the kind words! I certainly appreciate it! Its actually a brown on the walls. Also if you look close, you can see instead of using dry wall, I used wood siding for the walls...Makes it really hard for a tenant who has had a bad day to put their fist through the wall.
@Ricardo S. I'll check with my loan and see but I think the reason I can get these kind of terms from my local bank is because I am a known person to them...I have a business account with them, as well as several other accounts. If he is open to other investors with lower loan values, I'll pm you his information.
@Daria B. I'm not too concerned with the white cabinets...They are oil base and pretty easy to clean. I wouldn't put them in my other properties but when I rehabbed this home, I did it to attract someone who might be a long time tenant so I am willing to take the chance on white and worst case scenario paint wise, I'll have to add another coat to the doors.
Real Estate Agent · Saint Joseph, MI · Member since 2015 · 73 posts · 22 votes
11y
Cool, great paint job. Where, generally, is this property? Also whats the Square Footage of the property so we can get an idea of the cost per sqft for a total rehab?
Good work getting out there and kicking butt @Kyle Penland
What happened to the bathroom window? In my area, by code a bath needs a window that opens or an exhaust fan that vents to the outside.
I dont think he even has the tub in fully yet as you can kinda see the sides of the tub where you would put those roofing nails in. Right or am i just seeing things?
Maybe hell cut out a cool little window when it gets in. Nice catch!
Investor · Valrico, FL · Member since 2015 · 80 posts · 27 votes
11y
Great work @Kyle Penland! Just out of curiosity, do you know the new value of the property? It sounds like this is a buy and hold for you but since this was such a great deal and a low cost rehab, there might be some equity to tap into to fund your next project!